Commodity prices have fallen in line with the recent falls in dairy prices, but are still at elevated levels.
The ANZ commodity price index fell 3.7% in June, but it is still the fourth highest reading on record.
Nine commodities recorded a fall in the month led by dairy, which offset an increase in five commodities including wool and kiwifruit.
ANZ economist Steve Edwards said the fall is not surprising given it's coming off a very high level.
He added that commodity prices in New Zealand are faring better than in Australia where they are 27% off their peak.